The earnings environment still looks strong. The values that we're looking at for the economy and earnings -- all the good news that exists in stocks -- has not been reflected in prices yet.
More Quotes from Stephen Wood:
The rebounding dollar-yen is helping give a lift to the bond market, ... People are taking some comfort from the fact that it appears officials will act to keep the yen from rising too much, and the fact that there's less anticipation of an Oct. 5 rate hike.Stephen Wood
Although the weakness in this month's report was broad-based, still strong domestic economic activity and improvement in international economic activity is supporting general manufacturing activity.
Stephen Wood
Business activity in the services and construction sectors has been accelerating in recent months and is now growing quite quickly, providing momentum for the economy coming into 2005.
Stephen Wood
These data continue to suggest that labor market conditions are much more robust that recent payroll employment and help-wanted reports have indicated.
Stephen Wood
Both the U.S. and Japan realize that it's not in Japan's economic interest to have a stronger yen, and they don't need anything that could potentially short-circuit that. It's probably the case that the U.S. will be willing to help them out a bit, which is what the market will be looking for.
Stephen Wood
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